The Latest
FIS Oxford '15

Alternative investments grow in attractiveness

Alternative investments have become a valuable income stream and liability matching tool at UK pension fund Centrica says Chetan Ghosh, Chief investment Officer at the £6.7 billion pension fund. With current gilt yields making liability matching expensive, the fund has begun investing in alternative strategies that include solar panel installations benefiting from the government’s Feed-in-Tariff, […]
Analysis

Liquidity premium escapes UK investors

  UK pension funds have not taking advantage of their comparative advantage as long-term investors and have not earned a positive long-run liquidity premium on their investments, according to a paper from the Cass Business School that examines UK pension funds’ monthly allocations to major asset classes over the period 1987-2012. The authors – David […]
Opinion

How to hedge long-term inflation-linked liabilities without inflation-linked instruments

Given the capacity constraints on local inflation-linked bond markets, what are other options for hedging long-term inflation-linked liabilities? This is a question Ontario Teachers’ Pension Plan has been deliberating on as it supports an academic chair at EDHEC-Risk Institute with a focus on analysing the design of novel forms of liability-hedging portfolios that do not […]
Opinion

What, really, are your pension liabilities?

Liabilities in UK pension schemes are grossly under-estimated with the current valuation system not recognising  the perilous funding position in both corporate and public systems. The implications for not addressing this include huge financial costs borne unfairly by younger members of the schemes. Stefan Lundbergh, head of innovation, and Andrew Stewart, client manager at Cardano, […]
Editorial

Back to the future: investors concerns in 2008 resonate today

This issue marks the 400th edition of www.top1000funds.com,  which looks at the strategies and views of the world’s largest asset owners. So what were the concerns and opportunities of investors six years ago, and what are they now?   Since its launch in 2008, the journalists at www.top1000funds.com have written more than 2,000 stories on […]
In Conversation

US funds need paradigm asset allocation shift

US public pension funds are ignoring their liabilities in managing their pension assets, a situation that needs a paradigm shift in thinking and asset allocation to ensure benefits can be paid to beneficiaries. The dialogue about the US public pension funds’ underfunding position continued at the CFA Institute’s annual conference this week, with Ronald Ryan […]
Investor Profile

UPS pension fund’s opportunistic future

The United Parcel Service corporate pension fund is finalising an asset liability study this year which will result in a new strategic asset allocation. The $28 billion US fund, typically has a lower allocation to fixed income than its peers and has a reasonably aggressive portfolio for a corporate defined benefit fund. It is a […]
In Conversation

Cardano and Monty Python collaborate on the crisis

Chief executive of Cardano UK, Kerrin Rosenberg, is a Monty Python fan. In the same eccentric vein as the famous satirists he has a healthy disrespect for the status quo and a quirky view of how pension assets should be managed, which for most funds includes a radical change in asset allocation. In 2010 Cardano, […]
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